The non-crony sector wealth in India accounts for 8.3% of its GDP.
Rajan came out strongly against "crony capitalism", saying it kills transparency and competition.
Chidambaram also hit out at India Inc for calling business leaders fickle.
Vinod Rai had blamed the government of crony capitalism during a speech at Harvard.
Vinod Rai also said that the role of the public auditor cannot be confined only to placing reports in Parliament.
LFW 2016, Day 4: Jacqueline, Riteish, Malaika Dazzle On The Ramp
Michael Jackson(1958-2009): Of successes, controversies and music
SRK to Sonakshi Sinha: What Your Favourite Stars Shared on Instagram This Week
Weekly Roundup: Smartphones and Other Gadgets Launched in India
StarGaze: Katrina- Sidharth Visit Jhalak Sets, Tiger Shroff Promotes A Flying Jatt